I get asked many times what one piece of advice I would give to people starting up in business. If I had to choose one it’s got to be “never forget that running a business is about earning money”. It goes without saying you need to be providing a great service or product. Of course you need to be passionate, serve your customers, network etc but none of this really matters if there is not enough cash flowing through your business. Many entrepreneurs that have had a level of success start to say “it’s not about the money” – I worked out the hard way this line doesn’t work when you have bills to pay.
If you’re a start-up or running a small business you need to avoid spending unnecessary money on websites, business cards, staff or expensive systems and more time working out if what you are doing is actually making or saving you money. How you do this is by measuring everything, find out what is working and do more of that. Always be challenging yourself to be saving money where you can. Go for the free/or nearly free option and evaluate before committing to any big spend. Even if you’re just starting up try to get your first customer before you’ve fully developed your product service The result of every task you do should have a positive effect on your bottom line.
What one piece of advice would you give to entrepreneurs or would be entrepreneurs in your network, what’s the biggest thing you’ve learned on your journey so far? Leave some comments below.